Meridian Capital Group negotiated $15.5 million in construction financing for the ground-up development of a 43-unit luxury multifamily property in Queens, NY, on behalf of the Hakimian Organization.
The three-year loan, provided by a foreign lender, features a competitive LIBOR-based floating-rate and interest-only payments for the full term. The transaction was negotiated by Meridian Capital Group Executive Vice President, Jeff Weinberg, and Managing Director, Jonathan Bodner, who are based in the Company’s New York City headquarters.
The Hakimian Organization is approved to build a 15-story, 43-unit luxury multifamily building at 41-32 27th Street in Long Island City.
“Meridian worked seamlessly with the lender to arrange competitive financing tailored to the needs of our client, for this prime development,” said Weinberg.